Neil Dawson
UTC Legend
Fair enough. I would be but we all think differently!
Everton docked 2 more points
- Thread starter blandford_cherry
- Start date
As soon as we break the rules..................................................
ErikthViking
UTC Legend
While I was in the USA in March, I read in the New York Times about the dealings of the company looking to take over Everton, 777 Partners. They own many football clubs and other sporting interests. Amongst many other things, the article mentioned money promised to Vasco da Gama in Brazil that had not materialised.
As there is news today about the takeover, I looked up the NYT article online to refresh my memory. There is more than one article now. A law suit was mentioned that called 777 Partners a "house of cards." Under the heading, The Mystery Company With One Foot in the Premier League, 777 are referred to as a "sprawling fraudulent enterprise."
In order to sanction the takeover, The Premier League said 777 had to:
a) repay at least part of a loan of aound £160 million from MSP by 15 April.
b) deposit £60m into an account for use by Everton.
c) convert the £160m the company has already loaned to Everton into equity (coincidence that it is a similar amount that 777 borrowed from MSP?).
d) provide proof of sufficient funding to complete the construction of Everton’s new stadium.
Now, it turns out (according to Sky Sports, the Independent, the Telegraph and other sources) that 777 are touting round for lenders as they have no cash to complete any of the conditions to buy out Everton.
This looks like a story that will run and run.
As there is news today about the takeover, I looked up the NYT article online to refresh my memory. There is more than one article now. A law suit was mentioned that called 777 Partners a "house of cards." Under the heading, The Mystery Company With One Foot in the Premier League, 777 are referred to as a "sprawling fraudulent enterprise."
In order to sanction the takeover, The Premier League said 777 had to:
a) repay at least part of a loan of aound £160 million from MSP by 15 April.
b) deposit £60m into an account for use by Everton.
c) convert the £160m the company has already loaned to Everton into equity (coincidence that it is a similar amount that 777 borrowed from MSP?).
d) provide proof of sufficient funding to complete the construction of Everton’s new stadium.
Now, it turns out (according to Sky Sports, the Independent, the Telegraph and other sources) that 777 are touting round for lenders as they have no cash to complete any of the conditions to buy out Everton.
This looks like a story that will run and run.
chriscooke
First Team
The proposed new owners of Everton 777 Partners are having more financial issues here in Australia:
ErikthViking
UTC Legend
How many points will they be deducted next season for entering administration?
www.theguardian.com
Whatever, it looks very much like the 777 Partners - a "sprawling fraudulent enterprise" - (see above) takeover won't be happening.
www.theguardian.com
Farhad Moshiri is looking at other buyers as 777 seem to be running out of cash everywhere.
www.nytimes.com
There comes a time when creative accounting simply won't cover black holes any longer.
Although, perhaps Everton will avoid administration if MSP take over. Presumably, though, MSP will have repay the £160 million that Everton have borrowed from 777.
Everton call in insolvency advisers amid fresh doubt over 777 takeover
Everton are calling in a firm of restructuring and insolvency advisers, the Guardian understands, raising further questions about the proposed takeover by 777 Partners
www.theguardian.com
Whatever, it looks very much like the 777 Partners - a "sprawling fraudulent enterprise" - (see above) takeover won't be happening.
Blow to would-be Everton owners 777 Partners as airline enters administration
Company owned by 777 Partners, who hope to take over Everton, enters administration in Australia
www.theguardian.com
Farhad Moshiri is looking at other buyers as 777 seem to be running out of cash everywhere.
Everton Seeks Alternative Buyer as Deal With 777 Partners Falters
With a proposed sale stalled seven months after it was announced, a financially strapped Premier League team is pursuing a backup plan.
There comes a time when creative accounting simply won't cover black holes any longer.
Although, perhaps Everton will avoid administration if MSP take over. Presumably, though, MSP will have repay the £160 million that Everton have borrowed from 777.
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Think Portsmouth lost 9.How many points will they be deducted next season for entering administration?
Everton call in insolvency advisers amid fresh doubt over 777 takeover
Everton are calling in a firm of restructuring and insolvency advisers, the Guardian understands, raising further questions about the proposed takeover by 777 Partners
Although, perhaps Everton will avoid administration if MSP take over.
Whatever, it looks very much like the 777 Partners - a "sprawling fraudulent enterprise" - (see above) takeover won't be happening.
Blow to would-be Everton owners 777 Partners as airline enters administration
Company owned by 777 Partners, who hope to take over Everton, enters administration in Australia
There comes a time when creative accounting simply won't cover black holes any longer.
northstandmark
UTC Legend
PL administration is 9 points, should that happen. Sounds like they've got a backstop against that though thanks to this charge on Moshiri's holdings.
Everton have done well to get deductions in this season when the bottom 3 are perhaps weaker than average and the bar to survival lower than average. Probably won't be the case next season.
Everton have done well to get deductions in this season when the bottom 3 are perhaps weaker than average and the bar to survival lower than average. Probably won't be the case next season.
And will Dyche hang around if there is all this going on in the background?
adam0102
Fans' Favourite
Yes, the financial constraints will give him the opportunity to roll out the “can’t compete with the likes of Bournemouth” excuse
